Common use of Benefits on Death Clause in Contracts

Benefits on Death. Upon the death of an employee on or after January 1, 1988 and prior to their retirement, their spouse shall be entitled to a lump sum amount calculated as the commuted value of the employee's accrued pension benefit at their date of death reduced by their accrued pension benefit as at December 31, 1986. If the employee has no spouse, the lump sum amount will be payable to their designated beneficiary or, if none, to their estate. Upon the death of a former employee whose service was terminated on or after January 1, 1988 and who is entitled to a deferred vested pension payable at their normal retirement date, their spouse shall be entitled to a lump sum amount calculated as the commuted value of the former employee's deferred vested pension reduced by their accrued pension benefit as at December 31, 1986 if such accrued pension benefit was included in the calculation of the deferred vested pension. If the former employee has no spouse, the lump sum amount will be payable to their designated beneficiary or, if none, to his estate. Upon the death of an employee who is receiving a pension from the fund at the time of their death, pension payments shall cease immediately unless an optional form of pension was elected at the time of retirement in which case benefits shall be paid in accordance with the optional pension elected.

Benefits on Death. Upon the death of an employee on or after January 1, 1988 and prior to their retirement, their spouse shall be entitled to a lump sum amount calculated as the commuted value of the employee's accrued pension benefit at their date of death reduced by their accrued pension benefit as at December 31, 1986. If the employee has no spouse, the lump sum 57 amount will be payable to their designated beneficiary or, if none, to their estate. Upon the death of a former employee whose service was terminated on or after January 1, 1988 and who is entitled to a deferred vested pension payable at their normal retirement date, their spouse shall be entitled to a lump sum amount calculated as the commuted value of the former employee's deferred vested pension reduced by their accrued pension benefit as at December 31, 1986 if such accrued pension benefit was included in the calculation of the deferred vested pension. If the former employee has no spouse, the lump sum amount will be payable to their designated beneficiary or, if none, to his estate. Upon the death of an employee who is receiving a pension from the fund at the time of their death, pension payments shall cease immediately unless an optional form of pension was elected at the time of retirement in which case benefits shall be paid in accordance with the optional pension elected.

Benefits on Death. Upon the death of an employee on or after January 1, 1988 and prior to their retirement, their spouse shall be entitled to a lump sum amount calculated as the commuted value of the employee's accrued pension benefit at their date of death reduced by their accrued pension benefit as at December 31, 1986. If the employee has no spouse, the lump sum amount will be payable to their designated beneficiary or, if none, to their estate. Upon the death of a former employee whose service was terminated on or after January 1, 1988 and who is entitled to a deferred vested pension payable at their normal retirement date, their spouse shall be entitled to a lump sum amount calculated as the commuted value of the former employee's deferred vested pension reduced by their accrued pension benefit as at December 31, 1986 if such accrued pension benefit was included in the calculation of the deferred vested pension. If the former employee has no spouse, the lump sum amount will be payable to their designated beneficiary or, if none, to his estate. Upon the death of an employee who is receiving a pension from the fund at the time of their death, pension payments shall cease immediately unless an optional form of pension was elected at the time of retirement in which case benefits shall be paid in accordance with the optional pension elected.